ADB microfinance risk participation and guarantee program expands to Sri Lanka
ADB signed its first partnership agreement in Sri Lanka with Hatton National Bank on 25 September in Colombo under the Private Sector Operations Department's Microfinance Risk Participation and Guarantee Program. This will provide up to $20 million in local currency lending to the microfinance sector backed by a partial guarantee from ADB. The program has facilitated more than $845 million loans in the region to over 4.47 million, mostly women, borrowers.
ADB holds first safeguards policy workshop for trade finance partner banks
The Trade Finance Program conducted a workshop on ADB's environmental and social safeguards for more than 80 delegates from banks in 39 developing member on 4-5 September in Singapore. Refresher sessions on customer due diligence were also conducted. ADB Private Sector Transaction Support Division's Noel Peters and Ian Bryson, and Office of Anticorruption and Integrity Due Diligence Unit Head Joel Syquia were among the presenters.
ADB inaugurates first Pacific independent solar power project
A team from ADB's Private Sector Operations Department led by Infrastructure Finance Division 2 Director Jackie Surtani inaugurated a solar farm by Samoan independent power producer, Sun Pacific Energy Limited, on 22 August 2018 in Apia. The company is the first independent power producer recipient of a non-recourse private sector loan. The ADB financing, together with the Canadian Climate Fund for the Private Sector in Asia, helped expand a 2.2-megawatt solar farm to a capacity of 5 megawatts. The team also visited Fiji.
VP van Wees meets government and private sector clients in India
VP Ingrid van Wees on 16-19 July 2018 held meetings with senior officials from the Reserve Bank of India, Department of Economic Affairs, Ministry of Finance, Central Electricity Regulatory Commission, IFC, and nonsovereign clients to discuss the country’s business and regulatory environment, risk management practices, and emerging business opportunities for ADB in India. She also met with business leaders from Citibank, Ernst & Young, Housing Development Finance Corporation, and KKR. She visited a dialysis care clinic operated by DCDC Health Service Private Limited - a client of ADB's Private Sector Operations Department.
ADB attends financial close event for geothermal power project in Indonesia
The Rantau Dedap Geothermal Power Project held a financial close event on 4 July 2018 in Jakarta. ADB is providing a $175.3 million Ordinary Capital Resources (OCR) loan and a $50 million loan through the Clean Technology Fund. Cofinanciers include Japan Bank for International Cooperation, Mizuho, Mitsubishi UFJ Financial Group, Inc., and Sumitomo Mitsui Banking Corporation under a Nippon Export and Investment Insurance cover. ADB's Director of Infrastructure Finance Division 2, Jackie Surtani attended the event. The project's sponsors are Supreme Energy, Engie, Marubeni, and Tohoku Electric.
ADB-supported Myanmar natural gas project receives Deal of the Year award
The Myingyan Natural Gas Power Project, a 225 MW combined cycle gas turbine project with the first international best practice project financing in Myanmar, received the TXF Project Finance Award 2017. Michael Barrow, Director-General of ADB's Private Sector Operations Department, received the award at the TXF Global Project Finance conference on 5 June 2018 in Prague, Czech Republic.
ADB supports financial inclusion in Myanmar
Maybank and ADB signed the agreement on 30 April 2018 in Singapore to promote $20 million equivalent of new loans to micro-borrowers in Myanmar. Maybank is a new partner under ADB's Private Sector Operations Department's microfinance risk participation and guarantee program. The regional program so far has supported over $640 million of new loans to more than 3.5 million borrowers, mainly women.
ADB Wins 2018 Global Trade Review's Leaders in Trade Award
ADB, through its Trade Finance Program, won the Best Development Bank in Trade award at the 2017 GTR Charity Awards Dinner held 26 April. The awards highlight excellence in the trade, commodity, supply chain and export finance, and fintech markets. Read more.
ADB provides $10 million in trade loans to Viet Nam
Through ADB's Trade Finance Program (TFP), Orient Commercial Bank of Viet Nam received an additional $10 million to support trade. Since 2010, TFP has supported $9.1 billion in trade through over 7,000 transactions in Viet Nam, 72% of which backed small and medium-sized enterprises. TFP works with 13 commercial banks in Viet Nam.
VP Gupta discusses private sector clean energy partnerships in Iceland
VP Gupta met Icelandic business leaders and government officials on 20-22 March in Reykjavik to discuss strengthening clean energy partnerships in Asia. He gave a lecture at the UN University Geothermal Training Program on ADB's clean energy strategies, and visited geothermal sites including electric power, district heating, and geothermal-based manufacturing and aquaculture.